Elastic (NYSE:ESTC) Releases Q1 2024 Earnings Guidance

Posted by Defense World Staff on Jun 5th, 2023

Elastic (NYSE:ESTC – Get Rating) updated its first quarter 2024 earnings guidance on Sunday. The company provided earnings per share (EPS) guidance of $0.10-$0.12 for the period, compared to the consensus estimate of $0.13. The company issued revenue guidance of $283.00 million-$286.00 million, compared to the consensus revenue estimate of $285.85 million. Elastic also updated its FY 2024 guidance to $0.94-$1.06 EPS.

Analysts Set New Price Targets

Several research firms have commented on ESTC. Royal Bank of Canada lifted their target price on shares of Elastic from $71.00 to $84.00 in a research note on Wednesday, May 31st. Barclays boosted their price objective on shares of Elastic from $70.00 to $83.00 in a research note on Friday. Rosenblatt Securities reissued a buy rating and set a $96.00 price objective on shares of Elastic in a research note on Wednesday, March 1st. Wells Fargo & Company raised shares of Elastic from an underweight rating to an equal weight rating and boosted their price objective for the company from $55.00 to $67.00 in a research note on Friday. Finally, Stifel Nicolaus boosted their price objective on shares of Elastic from $60.00 to $70.00 in a research note on Friday. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $78.06.

Elastic Trading Up 0.9 %

Shares of ESTC stock opened at $72.29 on Monday. Elastic has a 12 month low of $46.18 and a 12 month high of $91.30. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 1.47. The company’s fifty day moving average price is $60.34 and its two-hundred day moving average price is $57.76.

Elastic (NYSE:ESTC – Get Rating) last issued its earnings results on Thursday, June 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.13. The business had revenue of $279.94 million for the quarter, compared to analyst estimates of $277.63 million. Elastic had a negative net margin of 22.09% and a negative return on equity of 46.75%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.64) EPS. On average, research analysts anticipate that Elastic will post -1.04 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Ken Exner sold 2,064 shares of the stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $58.28, for a total transaction of $120,289.92. Following the sale, the insider now owns 123,117 shares in the company, valued at $7,175,258.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Ken Exner sold 2,064 shares of the stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $58.28, for a total transaction of $120,289.92. Following the sale, the insider now owns 123,117 shares in the company, valued at $7,175,258.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Janesh Moorjani sold 3,956 shares of the stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $58.28, for a total transaction of $230,555.68. Following the sale, the chief financial officer now owns 178,235 shares in the company, valued at approximately $10,387,535.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,118 shares of company stock worth $1,055,917. 18.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP grew its position in Elastic by 79.6% in the 1st quarter. Quarry LP now owns 591 shares of the company’s stock worth $34,000 after purchasing an additional 262 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Elastic by 50.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 707 shares of the company’s stock valued at $36,000 after acquiring an additional 238 shares in the last quarter. Amundi boosted its holdings in shares of Elastic by 2,063.8% in the fourth quarter. Amundi now owns 1,017 shares of the company’s stock valued at $53,000 after acquiring an additional 970 shares in the last quarter. Advisory Services Network LLC boosted its holdings in shares of Elastic by 144.1% in the first quarter. Advisory Services Network LLC now owns 1,355 shares of the company’s stock valued at $78,000 after acquiring an additional 800 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Elastic by 51.1% in the first quarter. Advisors Asset Management Inc. now owns 1,517 shares of the company’s stock valued at $135,000 after acquiring an additional 513 shares in the last quarter. Institutional investors own 78.40% of the company’s stock.

Elastic Company Profile

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Elastic NV engages in the provision of open-source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured, Kibana, a user interface, management, and configuration interface for the Elastic Stack, Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.